Singaporeans have not experience those sluggish slow growing economy for almost 10 years liao. Back in the days from 1997-2004. People literally have to survive on contract jobs and being jobless for 6 month - 1 year is the norm back then. But housing were cheap so people does not have much debts or liabilities. Imagine now all loaded with mortgage debts and credit card debts. If something like 1997-2004 were to happen again. I doubt most can survive for even 6 months.